The admission of a new partner effected through purchase of interest in the partnership is -recorded in the partnership books as a transfer within equity not recorded -recorded in the partnership books as a transfer from equity to liability -recorded in the partnership books as a debit to cash or other assets and ---credit to the incoming partner’s capital account An entity should prepare a statement of cash flows and should present it as a/an -Supplementary financial statement. -Supporting schedule for the amount appearing as cash and cash equivalent. -Note to financial statement. -Integral part of the entity’s basic financial statements. Investment property under the cost model would require ? -To be depreciated only -To be depreciated and tested for impairment annually -Measured at fairvalue at year end -Tested for impairment only
The admission of a new partner effected through purchase of interest in the partnership is -recorded in the partnership books as a transfer within equity not recorded -recorded in the partnership books as a transfer from equity to liability -recorded in the partnership books as a debit to cash or other assets and ---credit to the incoming partner’s capital account An entity should prepare a statement of cash flows and should present it as a/an -Supplementary financial statement. -Supporting schedule for the amount appearing as cash and cash equivalent. -Note to financial statement. -Integral part of the entity’s basic financial statements. Investment property under the cost model would require ? -To be depreciated only -To be depreciated and tested for impairment annually -Measured at fairvalue at year end -Tested for impairment only
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 21DQ
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The admission of a new partner effected through purchase of interest in the partnership is
-recorded in the partnership books as a transfer within equity
not recorded
-recorded in the partnership books as a transfer from equity to liability
-recorded in the partnership books as a debit to cash or other assets and ---credit to the incoming partner’s capital account
An entity should prepare a statement of cash flows and should present it as a/an
-Supplementary financial statement.
-Supporting schedule for the amount appearing as cash and cash equivalent.
-Note to financial statement.
-Integral part of the entity’s basic financial statements.
Investment property under the cost model would require ?
-To be depreciated only
-To be depreciated and tested for impairment annually
-Measured at fairvalue at year end
-Tested for impairment only
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